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DRAFT OPINION (COM(2023)0161 – C90062/2023 – 2023/0081(COD))

On the proposal for a regulation of the European Parliament and of the Council on establishing a framework of measures for strengthening Europe’s net-zero technology products manufacturing ecosystem (Net Zero Industry Act)

ECON-PA-749279

Committee on Economic and Monetary Affairs · Rapporteur: Luděk Niedermayer

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Written by a language model from the full text only; every figure comes from the text. The paragraph links open the paragraph a statement rests on — check the text itself before relying on it.

The draft opinion proposes amendments to the Net Zero Industry Act, focusing on avoiding internal market fragmentation, prioritizing private investment over subsidies, and improving the business case for net-zero investments. It calls for monitoring business cases, assessing regulatory burden, and including financial tools like long-term financing and credit risk instruments in support schemes. The opinion also stresses transparent use of non-financial criteria and predictable support schemes, and asks the Commission to provide guidance on using EU programmes.

Committee position. The Committee on Economic and Monetary Affairs calls on the lead committee to take into account its amendments, which aim to strengthen the business case, prioritize private investment, and ensure State aid does not fragment the internal market.

Key points

  1. The framework should not fragment the internal market, especially if State aid relaxation only benefits some Member States due to fiscal limits.
  2. Public funds should not be the only investment driver; private investment mobilization should be prioritized, with financial tools replacing subsidies for fiscal effectiveness.
  3. Extensive State aid can harm the Single Market and trigger a global subsidy race; lessons from COVID-19 and energy crises show low fiscal effectiveness.
  4. The EU should compare its policies with others like the US Inflation Reduction Act, which uses tax relief and demand-side support, and consider similar measures.
  5. Permanent monitoring of the business case for essential investments is needed to ensure climate goals are met.
  6. EU-wide tax breaks are excluded because taxation is a Member State competence, reducing efficiency and risking over-reliance on State aid.
  7. Support schemes for households should include financial tools like long-term financing and credit risk limitation instruments, not just subsidies.
  8. The Commission should present an impact assessment of NFRD, CSRD, and Taxonomy Framework to reduce regulatory burden and create a single reporting instrument.
  9. The Net-Zero Europe Platform should discuss business cases and financial needs, and publish summaries of findings regularly.
  10. Member States must use non-financial criteria transparently and predictably in support schemes.
  11. Support schemes must be predictable, open to any product, and specify a pass mark for eligibility.

Who is affected

  • Member States: must ensure State aid does not fragment the internal market and use financial tools in support schemes.
  • Investors and businesses: benefit from a focus on business cases and private investment mobilization.
  • Households and consumers: support schemes may include financial tools, improving access to net-zero products.
  • Commission: must provide guidance on EU programmes and assess regulatory burden.

Figures and deadlines

  • 6 months after entry into force: Commission to collect and evaluate data on projects.